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2yrs ago Cannabis greenmarketreport Views: 362

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TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) is the official owner of Michigan-based Gage Growth Corp. (CSE: GAGE) (OTCQX: GAEGF). Gage stock has stopped trading upon completion of the previously announced deal. As a result, TerrAscend will have an expanded footprint with owned and managed operations in California, Michigan, Maryland, New Jersey, Pennsylvania, and Canada, including 7 cultivation and processing facilities and 25 operating dispensaries serving medical and adult-use cannabis markets in the U.S. and Canada.

“This is a defining moment for TerrAscend as we combine two leading vertically integrated operators with proven cultivation and manufacturing expertise, deep portfolios of proprietary flower strains, and top-selling brands across our core markets,” said Jason Wild, Executive Chairman of TerrAscend. “I look forward to working with the talented Gage team as we integrate and align our cultivation, retail, and operational practices to continue providing our patients and customers with best-in-class product offerings and retail experiences.”

Gage quickly established itself as a leader in Michigan, which ended up becoming the third largest cannabis market in the U.S. with reported cannabis sales of $168 million in the month of December 2021, representing an annualized market size of over $2.0 billion. Gage also brings to the table exclusive licensing partnerships in Michigan with Cookies, Blue River, Pure Beauty, Khalifa Kush, and others.

“We are thrilled to join forces with TerrAscend to create one of North America’s most prominent cannabis companies,” said Fabian Monaco, CEO of Gage. “With our shared core philosophies and complementary areas of expertise, we can’t wait to execute on our collective vision.”

The combined company’s retail network is expected to reach 40 stores by the end of 2022. This includes 25 currently open dispensaries across 5 states with Gage managing 11 dispensaries in Michigan and 1 Cookies dispensary in Canada, in addition to TerrAscend’s 13-store footprint in key markets including California, New Jersey and Pennsylvania.

Gage’s $72.3 million pro forma cash position, which includes gross proceeds from its recently closed $55 million senior secured debt financing, combined with TerrAscend’s $103 million cash balance as of September 30, 2021,  positions the combined company to execute on its growth plans. Both companies have prudently managed their debt and expense levels, while entering into minimal sale leaseback transactions. This provides the Company with financial flexibility which is expected to drive above average long-term margins and cashflow.

 

TerrAscend Officially Owns Gage Cannabis on Green Market Report.


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